Two men running a fake hedge fund scheme have been charged in New Jersey for the alleged $3.5 million fraud. The men, George Sepero and Carmelo Provenzano, claimed to run Jersey based hedge funds using a secret computer program to invest in foreign currency were charged for defrauding victims and spending the investments on high-end vehicles, luxury travel, and five-figure ... Read More »

Last week a man whom operated a foreclosure-rescue scam agreed to plead guilty after collecting $1.6 million from 1,100 distressed homeowners. The man, Frederic Alan Gladle, of Austin, Texas, ran his scam in Los Angeles and elsewhere where he falsely promised the owners of more than a thousand distressed properties that they could indefinitely postpone foreclosure sales. Gladle was charged ... Read More »

Mid-trial a mother and daughter fraudster team, along with an accomplice from Las Vegas, pleaded guilty to participating in a mortgage fraud scheme that lead to more than $1.9 million in mortgage loan losses to lenders. Mother, Patricia Smith, pleaded guilty to Counts Four and Five of the Superseding Indictment, which charged her with wire fraud. Daughter, Jamilah Smith, pleaded ... Read More »

I love the names investigators attach to investigations. For example, last week 16 arrests in conduction with Operation “Psyched Out” were made. Operation “Psyched Out”! Love the name, not the act. Apparently sixteen people affiliated with the Manor Medical Imaging Clinic and pharmacies in and around the San Gabriel Valley in California participated in “prescription harvesting” related to an $18 ... Read More »